Binance Traders Rush to Buy Ethereum Amidst SEC Optimism
CryptoNewsTerminal Staff20 May, 2024
Binance Traders Rush to Buy Ethereum Amidst SEC Optimism
The recent surge in Ethereum (ETH) trading volume on Binance suggests traders' bullish expectations. Crypto analyst maartunn has highlighted that Binance's daily net taker volume for ETH reached an all-time high of approximately $5.3 billion. This metric signifies a significant imbalance between buy and sell orders executed at market price. This surge in trading activity appears connected to the news regarding the Securities and Exchange Commission (SEC) asking ETH spot ETF players to resubmit their filings. Bloomberg analysts responded by revising their odds of ETH spot ETF approval to 75%, boosting trader sentiment. As a result, Binance traders have been aggressively buying ETH, anticipating a further price increase once ETF approvals are granted.
